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    Home » OPEC+ hesitates between oil cuts rollover and increase, sources say

    OPEC+ hesitates between oil cuts rollover and increase, sources say

    April 1, 2021
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    London — OPEC+ will debate two key options for oil policies from May and beyond, including a rollover of existing cuts and a gradual increase of production, three OPEC+ sources said.

    The Organization of the Petroleum Exporting Countries (OPEC) and allied producers, a grouping known as OPEC+, are cutting output by a little more than 7 million barrels per day (bpd) to support prices and reduce oversupply. Saudi Arabia has added an additional 1 million bpd to those cuts.

    Two OPEC+ sources said the increase would not exceed 0.5 million bpd.

    “There were lots of consultations overnight and there still are now,” an OPEC+ delegate said. “The picture is still not clear.”

    Thursday’s virtual meeting is scheduled to start at 1300 GMT.

    Some OPEC members have expressed frustration that non-OPEC Russia and Kazakhstan have asked for small output increase for a third month running while supporting a broader rollover of cuts, the sources said.

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